any short-term interest rate hikes and key and the wording around that, as well. >> robert, i have a 3 and 6-year-old and every sunday morning is a stress test for me. >> touche. thank you so much. great having you on our show. come again sometime. stop by. okay. "closing bell" coming up next. have a great weekend. welcome to "the closing bell." i'm kelly evans here at new york stock exchange. >> i'm simon. there's a lot of green on the board. let's take a check of where we are. the dow off 110. this is really a tran -- we have an hour to go. this is a transformational week of people invested in the stock market. the s&p for the week up the best part of 4%. there as we run you through the trade on the day.

that's a thing of great beauty after the volatility that we had last week. takes the gains for the year to 6%. joining us now for the exchange, ralph siegel and jim carr and jennifer vail also with us, and our very own rick santelli. ralph, let me kick off with you. this is a very, very strong week. >> it indeed has been. the market seem to be focused on fundamentals. earnings better than we might have expected. and it's rejecting accordingly. >> yeah. to that minority, 3m in the wake of the earnings up 8%. phil, where do we go from here in your view? >> i see the s&p going higher. we think adding another 2% to 3% above the year's total is a possibility. i think it's a wonderful time in the market.

>> it's all coming up roses, rick santelli. >> listen. i never want to deny improvement. talking about improvement, you have to have a baseline and i try to pay attention to historic baselines. there's a lot of underperformance in the economy. countries underperforming by momo more. not a lot changed since that drubing. all things considered, we have a big week and we're going to see if janet yellen is as dovish, see what she has to say about europe. because it amazed me how europe showed up in the minutes aggressively and the last meeting in my opinion didn't have a lot of concentration on that. and it should be concentrated on it. and i think the fed ought to be vigilant. will the housing market in china, the state of just chaos in my opinion on the japanese economy, especially considering the ready to pull the trigger on another tax hike and, of course,

when's going on in the euro zone. european commission in a fight with prime minister cameron of writing checks. there's a lot on the table internationally we need to pay attention to. >> jennifer, where is credit going in your view? >> so, as far as the fmoc meeting next week, we expect janet yellen to be dovish as in the past. probably more acknowledgment of dollar strength because that amplifies some concerns out of the euro zone with the pressures. as long as the dollar continues to be stronger it's possible that that in ooilts could have the perception to the consumer of being slightly tightening and likely not modify the extended period of time language at this meeting and expect them to form late the final quantitative easing program for this year. frankly, the data doesn't support extending ge at this point.

>> that's important for a lot of people because they would say the reason we rallied last week is bullard put the idea of an extension on the people. are you saying it's not on the table really? >> well, everything's always on the table for the fed but at the end of the day if you look at where yields are at relative to where they were at the summer of last year and the taper announced, they're lower. so there's got to be some question in the minds of the committee members about the efficacy of the quantitative easing program. that and the data doesn't support additional add-on of the program. i think that probably the rally is more due to the ecb doing, what, 800 million euros of asset backed purchases and then the bank of england coming out the gentleman there saying that their rates will be low for a substantial period of time. >> jim, i saw you agreeing talking about the flip flopping if you want to call it, james

bullard saying, if conditions warrant we'll do more. >> he came out and kicked off the selloff saying the markets are anticipating that's more dovish than it will be and then i think he got the hand slapped by janet yellen like, don't freak the markets out. we are not going to move ahead of the growth. and so i think they're not seeing the growth in the data and unemployment isn't necessarily where we want it to be. you see u-6 underemployment far below where it needs to be growing and i think we'll see ratds longer for longer. looking for a raise in june by the market and positively surprised and raise after june. >> ralph, you're bullish. rick santelli made the point of the strong divergence and all of the trouble we had last week. >> phil? >> how -- >> forgive me, how do you explain away -- how do you explain away what happened last week?

>> you have a fourth longest bull market and we have not had a 10% correction. >> certainly any issue of the market, ebola or isis or china or europe is going to bring negativity to the market. no doubt. the data is still very strong. you look at the unemployment -- >> the market is so nervous last week. >> look at big profits. everyone's taking money off the table. look at the way they get a dip, the volume increases. money in the market. looks for a buying opportunity and runs with it. i'm sorry. the earnings fantastic. today, again, revised up over 8%. look at the sales data. north of 4.5%. we haven't seen that anywhere in the recovery. that's a really positive number. you have to buy that market. >> ralph, houston may have a problem if oil prices keep doing what they're doing. >> i think this market is going up in response to the fed's easings as simon has suggested. in this whole five-year rally, the markets rallied more when the fed is in and easing and

threatened to pull back the market's have gone down. i think you can really raise a question as to whether or not this recovery is substantive and or is just basically built like a village. there are pretty store fronts and nothing behind them. >> who's chuckling? rick, is that you? >> absolutely. listen to these guests. both of them doing a good job. gentleman that just spoke, i obviously sympathize with his view. the previous gentleman, he makes a good argument. bullish. i would like to know if he was janet yellen, would his interest rate policy still be at 0? you can't have it both ways. >> phil? >> i won't try to guess. >> if you're king, where do you peg interest rates? >> two italian guys fighting over something. that's not uncommon. we'll eat pasta and fight through it. i don't disagree with rick. i won't try to guess the market and say simply enough, if i'm janet yellen, i would stop

quantitative easing here and wait to interest raits until we're at a point to see -- >> see, you make it seem like we're at that point. you're changing. >> wait, wait. >> this is the discussion we have every day. >> i'm saying -- equity market, i'm bullish. >> i'm talking the economy. >> i'm absolutely going to say to you that we are 50 to 60% of capacity of gdp with room to grow as the economy strengthens and then we'll begin to raise rates. a natural progression. one step at a time. not a leap. >> so if i was your client, you'd say, you should be long equities and tell me that the economy is only 60%? >> wait. i'd say be long equities. be smart. keep the duration short on fixed income. diversify. we know safety there. manage the risk. >> jim, would you tell clients different if your view is lower for longer world here? >> we love this environment. this environment to us means that companies can continue to

borrow cheaply, invest in the world that's growing slowly and not contending with inflation. wages aren't going up. commodity prices aren't going up. strong profit margins, i don't think the fed has to act because i think there's enough slack in the economy, enough capacity in europe and asia we're not seeing inflation for some time. >> and by the way, let's just finish on this. that is the central -- if people want to think about what has happened, what is this weakness really about? inflation expectations have been dropping like a stone. that's what this is all really about. >> yeah. >> may be more to do with the global economy than just with the united states. one of the concerns about some of the large cap stocks to be or that the large cap stocks have a problem because as the dollar strengthens, their earnings are going to be suffering. >> right. >> in translation. more importantly, if i'm a central banker abroad, if i

can't take rates below zero or i don't want to -- >> face the -- >> i want to -- i'll debase the currency which means that if the dollar keeps strengthening, the multi-nationals will have a harder time either exporting, into those countries, or they're going to face stiffer competition of the exporters. >> we are out of time. great conversation. >> thank you, rick! and 50 minutes to go here into the close. markets with another strong day. dow up 113. green arrows across the nasdaq and s&p. amazon sinking. are investors fed well the idea of future profits? the pros will weigh in coming up. also ahead, ebola hits new york city. we'll go live to the hospital where a doctor that treated patients in west africa is battling the deadly virus. ebola survivor nancy

writebol will give us her take on whether the doctor acted responsibly for not traveling through new york city. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company. one that helps you think differently about what's ahead, and what's possible when you get things organized.

ing u.s. is now voya. changing the way you think of retirement. an unprecedented program arting busithat partners businesses with universities across the state. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo... startup-ny has new businesses popping up across the state. see how startup-ny can help your business grow at startup.ny.gov

welcome back. after the volatility we have had this month, the dow jones industrial average, all the indexes, doing quite well. in fact, simon, as you pointed, the strong performance from the s&p this week it actually makes it one of the 14th best in point terms that we have seen. so pretty strong snapback. >> it takes the gains of the year to 6%. solid. not where we were last week. >> the fact there's gains itself. >> yeah. okay, meantime, we should get the rally despite developments with the new york city doctor that tested positive for ebola. meg terrell at the hospital where the doctor is receiving treatment. meg, over to you. >> reporter: hi, simon. first, we are getting word that the obama administration is considering quarantining health workers returning from west africa. that's in response to the new york city ebola case. according to reuters which is citing a cdc official. reporting that changes to the guidelines from returnees are likely and number of options on

the table and that spokesman says that any changes must nt hamper the u.s.'s effort to stop the outbreak at the source. an also news today on nina pham, first dallas nurse diagnosed with ebola. he is discharged of the nih and now virus free and today she met with president obama. now, we know that she was diagnosed october 12th and moved to the nih from dallas october 16th and we have heard that amber vinson is making good progress. her tests are no longer detecting the virus in the blood but she is still receiving care at emery in atlanta. here in new york city, dr. spencer is being treated at bellevue hospital, stable condition, the fiancee and two friends are in quarantine. will be isolated and monitored for 21 days but they're all currently well. health authorities tracing the contacts and everywhere he's been. we know that he did ride the

subway on wednesday night and went bowling. health officials are saying that the places are considered safe and didn't have the fever until thursday morning. really emphasizing that new york is well prepared for this. back to you guys. >> meg, thank you for now. we want to bring in nancy writebol, an ebola survivor and worked in west africa. as you may remember, this summer she was rushed back to the united states to be treated for the virus. nancy, welcome back. how are you doing at this moment? >> i'm doing great. thank you so much for having me today. >> well, we're glad to hear it and glad to have you with us. as somebody who's both had ebola and works as a nurse, what do you think about the precautions or lack thereof that have been taken by doctors and nurses in west africa and when they have come back to this country? >> well, i think that doctors and nurses are taking precautions, following protocol in west africa. and i think that it's just a

virus that you just cannot see. and i think as people come back to the united states that the precautions of taking temperatures and monitoring and looking for symptoms are really important. >> nancy, help us out here because certainly around new york today there's a feeling that dr. spencer in doing what he did and traveling freely around manhattan and knew that ten days ago he was dealing with the patients, he had the protective gear on trying to save their lives and comes back to new york and the rest of the community has to rely on him. taking his temperature twice a day. in order for him to then say i think i might be going symptomatic, in other words, contagious and handing himself in. and other people are saying, but we're relying on the judgment of one person to the extent that the community overall could be

infected really very badly getting the judgment call wrong. what would you say to critics of that? how can we improve the situation as it stands? >> well, again, i think that one of the thing that is we really need to remember is that he was not contagious until he was symptomatic and so to be out and around even though he had been in west africa, he was not contagious. not -- not being irresponsible. and as soon as that temperature spiked, he was responsible in contacting health care workers and so i think that he's done exactly what he needed to do. >> nancy, some people focused on the health care professionals, for example, the police i think it might have been or doctors throwing away the gloves after they were in his apartment or dealing with him the other day into a public trash bin. is there anything wrong with

that? >> well, probably should have been thrown into a trash bag that was going to be disposed of in another location. i think that, you know, we want to take all precautions that are necessary. >> nancy -- >> but again, if they were not touching bodily fluid, then they are not -- you know, they're not contagious. >> nancy, how do people get well? we keep having people come back who were infected with ebola. is it the experimental drugs? what's actually working medically? >> well, i think there are several thing that is are probably working medically. one would be the experimental drugs. one would be convalescent serum, the supportive care. those are many thing that is are adding to --

>> let me just point out, by that, you mean receiving the blood of somebody else who has already been infected and got well again? was that -- did you get that in your case? >> no, i did not. >> okay. it's good to see you, nancy. thank you very much for joining us. nancy writebol joining us there on the'll ebola outbreak. triple digit gain heading for the weekend. >> up next, left at the altar and holding a $1.5 billion break-up profit, issue drug maker shire ceo is here to talk about the deal. we'll be right back.

big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms? i sure hope so. with healthcare costs, who knows. umm...

everyone has retirement questions. so ameriprise created the exclusive confident retirement approach. now you and your ameripise advisor.... can get the real answers you need. start building your confident retirement today.

meg terrell supposed to be in massachusetts today for the interview of ceo of shire whose deal collapsed of the treasury rewriting the deal . >> meg is reporting on ebola for us around the country and now going to her in manhattan. she will be speaking to shire ceo in a cnbc exclusive. he is in lexington, mass. meg, over to you. >> hi, guys. thanks very much. now bringing in dr. fleming ornskov. how are you?

>> thank you very much and thank you for having me on the show. >> thank you for joining us. i apologize i couldn't be there with you. we want to get to your quarter. a beat and raise this quarter. first, let's start because it's in the news with ebola. as the ceo of a drug company, how should the drug industry respond in a public health crisis like this one? >> this is clearly a big challenge for public health and collaborations of industry and government is one of the tools available. as a physician, i have seen that and worked firsthand and worked in africa and i have seen firsthand the importance of the collaborations and sure i'm several people working in labs in the u.s. and around the world to find a solution to the devastating situation. >> right. well, let's get to the news about shire today. and of course, most recently, the more than $50 billion deal you had agreed to now being off. i think that's surprising a lot of people. can you tell us your response to that?

were you surprised by the outcome? >> yeah. i think everything was going along. the integration work was progressing very well. we were certainly totally committed to the deal. certainly, the board of directors decided that they could not approve the deal after rulings on tax conversion. although we were distracted, we continue to have strong momentum for shire as an independent company. >> talk to us about the rules. do you think that it's fair that it makes sense that they could apply to deals that were agreed upon? you hadn't closed the deal. is that fair for this outcome to happen? >> it's difficult to say whether it's fair or not. it happened. there was an opportunity for them. if their board of direct tors changed the recommendation which they did, in that case, that is, our board of directors had to make a decision. should we go forward with this,

with the board of directors of abbvie not recommending it? we decided in the best interest of our shareholders, in the best interest of our patients and employees, we should bring an end to this. the outlook for a potential deal not existent and entered into a termination agreement and walked away with $1.634 billion to get to good use for shareholder value. >> right. a lot of attention paid to that $1.6 billion payment. how did you reach that with abbvie? was there skepticism that the deal could potentially not go through? >> entering the deal negotiations, we wanted to do the right thing for the shareholders. you have to think about the fact that this deal could not have gone through under certain circumstances. it was known at that time that there were talks about inversions and doing certain things against inversions and took the right precaution.

we introduced a break-up fee and we're very proud about that now and although the circumstances not what we wanted. >> right. well, let's talk about how you put that $1.6 billion and other cash to work. a lot of speculation you will be buying especially in the rare disease space, spaces like -- names raised. tell us about your business development plans. >> well, the most important for me right now is to get back to or continue the work that the team has done. the team is distracted during this. today we reported record earnings. sales up 33%. we had eps up 60%. we increased guidance. this is the sixth consecutive quarter we have double-digit growth. ten of our leading products, double-digit growth. so i think we're performing very well under the circumstances which at times were very difficult. business development is part of what we do and look at opportunities but we don't have

an urgent need to do something and we'll look at that and part of our business model. >> right. well, i know you have that $10 billion revenue goal by 2020. about doubling revenue of last year. you know, can you get there organ organically or imply you're doing a lot of deals? >> no. we set out an ambitious goal of doubling sales by 2020. seven from the existing pipe ly line and we can do m&a and not counted in the 10 billion so i think we have lots of prospects. we have a very clear strategy of building a leading bio tech company with a significant focus on rare disease. we have some very clear strategic drivers. we talk about growth, innovation, efficiency and

people. so we feel we have a very good future. the results showed that. >> you know, as we have seen this deal with abbvie fall through, thinking about the plans, do you see shire more as a buyer, people talking about potential mergers with companies even as being as alorgan or a target still? >> i think even the first day i joined shire as a ceo there were rumors of various companies. shire's always in the news either as being acquired or being a potential acquirer. right now, i'm focused on being someone that is on the acquiring track. >> well, thank you very much, doctor. we appreciate your time. >> well, thanks very much and thanks for your time. >> back to you guys. >> absolutely. it's been a long week, for sure. interesting, simon, to hear him say how he's proud of the break-up fee. he knew it was one of the third biggest in corporate history.

this is a ceo working, for example, trying to first fend off this acquisition and then it falls apart and so anyways saying he did the right thing for shareholders. 1.6 billion will do that. high owner the dow jones industrial average. s&p up 10. nasdaq by 21. >> figuring out the markets is tough even at the best of times and the market's recent volatility ups the ante. two wall street pros give us their take if the bulls or the bears will win out by year end. fund manager bob olstein with a warning of amazon and scoffed at and maybe not anymore. why he says amazon is still going lower from here. that's later on "the closing bell." opportunities aren't always obvious.

sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. no question about that. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure.

do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial.

welcome back. we're seeing a rally to close out the week as we head into next week, simon, the final week of the month and what an october it's been. a reversal, a sharp one, as

well, from the lows we saw mid month and certainly last couple of sessions picking up. >> a lot of predicated on the idea the fed might extend qe. we'll see tuesday and wednesday i think the meeting. >> wednesday i believe. no press conference. meantime, yahoo! on pace for the best week in three years. kate rogers has more on that. >> hey, simon, watching shares of yahoo! right now on track for the best week since october of 2011. up close to 2% today. it's the fifth best stock in the nasdaq 500 this week and the nooimpbt best performer in the s&p and since mayer took over in 2012 that stock up 179%. the nasdaq, guys, also poised for the biggest weekly gain since january 2013. back to you. >> thank you very much. meantime, ralph akanpura said we could make up the losses for the year and then some. he joins us along with carter worth who thinks that stocks may

actually be headed in the other direction from here. ralph, make the bullish case, if you would. >> hi, simon. yes. i think october was just its obnoxious self. i think we made a low. it was climatic. i think the large cap, that's the dow jones industrials, the dow jones tranports, s&p 500, i think have enough muscle and momentum to go to new highs. maybe 5% or 10% from current levels. i don't know what carter's going to say but i suspect he's a little concerned as i am about the small and mid cap stocks. i'm not sure they're going to do as well. >> let's find out. carter? >> the presempumption is that t bounce is a good thing. and up 140 points and good and i would argue the opposite. what we wanted to do is gone now

down to reset valuation. bouncing so quickly, we haven't hay loued the market to get price discovery. in fact, price cap stocks are down. coke gapping down. netflix last week, amazon today. >> hang on, hang on. companies with specific problems. >> sure, yeah, no. yes, but, here's the thing, the market cap matter. they're wading in the s&p and ralph said small and mid cap lagging. this is a very difficult juncture for the market. >> ralph? >> yeah. you have other stocks like facebook and twitter and, you know, they're all doing well. i think -- i just think it was october. we got it out of the way. and the midterm election year, going to year end, the history suggests that it's very, very strong and guess what? next year is third year. president's term in office and usually very, very strong office. by the way, the republicans

probably going to get the senate. in the midterm election so i think it looks good between now and year end. >> ralph, what you described is patterns in the market saying that's probably why we'll go higher, historical or whatever. do you get into the fundamentals of why last week was so scary and then negate them? are you able to look into the deep hole and say it's no longer a concern? >> yeah. i call a dearest friend on the floor of the stock exchange last wednesday and said, we loved it. the traders because they got a washout. i think that's what happened. you got the climax last week. now, what you have is the fed is more -- i think it's going to be very dovish. the concern about the dollar being too strong. caterpillar's earnings i think negated that fear. no. there are reasons to be optimistic. >> just a word before we go

here. there's pros watching the 1937 level on the s&p saying a 62% retracement. how important is that level for you or is there -- >> gone back to that, right? hearing in the 1960 level but the key is this. when you do break trend and then you rally all the way back to the scene of the crime, you return to a difficult level where people who were hurt but didn't act now have a lot of losses recouped and overhead supply and the principle is a difficult level and likely to encounter sellers here. >> at that, so in other words, what's the one level on this market that everybody should be watching? >> i mean, we have rerned to where the real precipitous selling started a week ago and revisit the lows of last wednesday in the 1800s. >> all right. thank you both. thank you very much. have a good weekend to both of you. we have now 22 minutes left to trade and the dow up 108. so still hanging on to those

triple digit gain. >> amazon plunging to 52-week lows. fund manager olstein warned last time he was on this show in june. and several times before that. find out what he says will happen with amazon stock next. growth is gratifying. goal is to grow. gotta get greater growth. i just talked to ups. they got expert advise, special discounts, new technologies. like smart pick ups. they'll only show up when you print a label and it's automatic. we save time and money. time? money? time and money. awesome. awesome! awesome! awesome! awesome! (all) awesome! i love logistics.

you know how fast you were going? about 55. where you headed at such an appropriate speed? across the country to enhance the nation's most reliable 4g lte network. how's it working for ya? better than ever. how'd you do it? added cell sites. increased capacity. and your point is... so you can download music, games, and directions for the road when you need them. who's this guy? oh that's charlie. you ever put pepper spray on your burrito? i like it spicy but not like uggggh spicy. he always like this? you have no idea. at&t. the nation's most reliable 4g lte network. it's in this spirit that ingu u.s. is becoming a new kind of company.

one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement. today could be the day. the day we give you hope. relief. a cure. today, we believe every life deserves world-class care. as one of the top four hospitals in the nation, over 100,000 people from around the world come to cleveland clinic for care each year. and we're ready for you with a second opinion or a same-day appointment today today today and everyday. call today, for an appointment today.

20 minutes to go. all volatility this month, not seeing much of it. the vix is higher. >> let's bring in a sprinter. dominic chu as we wind down the week, dom. >> so let's start with shares of medical supply company first. edwards life sciences. the best performing stock in the s&p 500. shares up around 11% after earnings and sales that both topped wall street estimates. you can see there up near session highs and proctor & gamble, the world's largest household product maker announcing to split off its duracell battery business. that's their preferred method of this transaction. pandora also a big loser on the way down. almost 13%. the company announcing fewer than expected listeners and some

analysts expected in the past quarter. finally, amazon.com shares sinking around 8%, 8.5% so far today. worst performer in the s&p 500. this on the heels of the earnings miss of last night and a big topic for discussion. among a lot of traders and investors today. back over to you. >> we'll pick it up there. the next guest pounding the table on amazon for a while now saying they have no business plan to make a profit and lead to a dramatic pullback in the stock. he has said it many times on the show, in fact, robert olstein and joins us on the phone. you presumably feel vind dated, robert. >> it is not vindicated. we're free cash flow people. that's what we do and looking for business plan from amazon and looked at it to buy it years ago, we said there's no business plan. this is going on from 2004, $5 billion in revenue, up to $80 billion in revenue.

the bulls think this spending will disappear. bezos says, no way. the only way to make money and did make money is each guy selling at a higher price and the next guy who was a believer. there's no business plan to make profit. they're now talking about $2 billion in video streaming. i want to see them turn that into a profit. this is a same music, the stock is nowhere worth even where it's selling for right now. i expect it to go down a lot further unless they start coming up with cash flow and you can't change a battleship. >> bob, that's the one part of the earnings statement that they began with, that showed increases year on year, et cetera. so the cash flow looks okay but not a profit, right? >> it does not look okay. they have -- what do you call it? depreciation of $1.9 billion and cap x. they're getting cash flow from

stock compensation and to me you subtract. there's no real cash flow in this company for a company doing $80 billion in revenue. why would you pay $140 billion for a company with no return when you can buy a macy's for $21 billion that will give you $1.8 billion every year? they're a mega retailer, a book seller. they're a grocer. they're in the cloud, phone, tablets. boring stocks are places to make money. amazon is -- this bezos, by the way, never hidden the fact that he is here for his customers. he has no respect for the stakeholders who are investors and everybody thinks this is going to continue going up. i respectfully disagree unless there's cash flow. >> okay, okay. just for the record, presumably you own macy's i'm imagining. >> yes. for the last five years an it's been a four bagger for us.

boring stock. coming e ining on your show in s to talk about them. >> i wish i would be here. there will be a point, presumably, bezos says customer first and could tweak the model or start making comments or the cfo more forceful towards the idea of profitability. i imagine that that could captivate people's interest and the stock move higher. >> cut back extependitures to c back revenue growth and that is the bad day for them. in terms of the stock price. because the only way this revenue growth is going is through the spending. but he cannot convert it. $2 billion in video streaming costs over the next couple of years. impossible. >> bob, just before we let you go here, as many people, investors believers in the story if you will making the same calculation you are today not sure it is worth it, where do you think the multiple goes and where -- how will amazon have to

look unless there's radical change in the business model? >> i really think, kelly, on the way to $100 a share. and that's -- >> $100 a share? >> that's where i think. they have to justify that with cash flow. 6% margins, retailer does on a pretax basis, the company earns $7, $8 a share. and they still have to earn that $8 a share. how do they get there? what do they do? you can't turn the battleship overnight. >> bob, a fair point. thank you so much for coming back on and amazon shares down 8.5%. back below 300. bob sees 100 making more sense. when you do come back, have a great weekend in the meantime. with the dow up 129 points now. so moving a little bit higher into the close, simon. >> people see amazon higher. >> somebody has to be buying it here. find out if the s&p locks in the

best week in almost three years when we come back. keep it real this weekend. another big week of earnings ahead. we'll return through the names front and center on wall street's watch list as we head into the weekend. are we still on for tomorrow? tomorrow. tomorrow is full of promise. we can come back tomorrrow. and we promise to keep it that way.

csx. how tomorrow moves. what a day. can't wait til tomorrow. ...the getaway vehicle! for all the confidence you need. td ameritrade. you got this. can you start tomorrow? tomorrow we're booked solid. we close on the house tomorrow. tomorrow we go live... it's a day full of promise. and often, that day arrives by train. big day today? even bigger one tomorrow. csx. how tomorrow moves.

we have some breaking news on the ipo pipeline. let's go to dom chu at headquarters. >> simon, this has to do with online tv set streaming box company roku. they have that little set-top box to stream netflix and whatnot to your television. according to dow jones citing sources familiar, they're working on plans for a confidential filing for its ipo. roku working with bank of america and citigroup on potential $150 million ipo. again, according to sources familiar with the situation there. again, an interesting ipo story here. they make the set-top box. they're in a competitive space right now against game console companies and likes of company that is do it like apple with the tv product and perhaps

investors looking for a pure play instrument looking to roku again, according to sources familiar, dow jones saying working on plans to file a confidential ipo. also working on what could be a $150 million capital raise. back over to you. >> thank you very much. let's have a look at the markets now heading towards the close. eight minutes away. the dow up 124 points. triple digit on when's been a very big week for the bulls reasserting themselves. joining us now, do you want to give us color on where we're trading? >> this is a work where ibm, mcdonald's, coke, considered old-school companies and needed to change. i think today is important. proctor & gamble, u.p.s. showed it's possible to have old-school companies doing very well and the reports outstanding and just because you're big doesn't mean you're necessarily outdated or a dinosaur. >> or at least changing, david,

deciding to ditch the bits that aren't working. >> you know, that's -- starting point of six eases turning red light to yellow or green light. earnings much better as a result of some of these companies. you've had about 180 companies out of 500 reports, simon. looks like up about 5%. it was estimated at the beginning of the earnings season up only 4%. secondly, europe. the pmi numbers come in okay. not bad. no further deterioration. third is the east. china. okay? chi in's pmi number hovering just above 50. number four is easing. monetary easing. are we going to be able to handle getting off of quantitative easing. number five is energy. this seems to have stabilize. you saw the energy stocks up this week. and lastly is ebola and extremism. put it together. our thoughts with the people in canada after the terrible tragedy there. >> nobody does a list like you

do. how many? >> six with an extra. >> and backwards now. then i'll be impressed. when's remarkable of ebola is that today ebola and oil in the knocking the market down. oil down into the dollar today and weeks past moved the market. neither that or ebola are happening and the market's absorbed this. look at the ukraine. >> we need to take a break to pay bills and coming back with the closing countdown and then after the bell, chief investment officer of calstrs joining us live and exclusively. ♪ there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go. right on time. right now, over 20,000 trains are running reliably.

we call that predictable. thrillingly predictable. ameriprise asked people a simple question: in retirement, will you outlive your money? uhhh. no, that can't happen. that's the thing, you don't know how long it has to last. everyone has retirement questions. so ameriprise created the exclusive.. confident retirement approach. now you and your ameripise advisor can get the real answers you need. well, knowing gives you confidence.

start building your confident retirement today. get to the terminal across town. are all the green lights you? no. it's called grid iq. the 4:51 is leaving at 4:51. ♪ they cut the power. it'll fix itself. power's back on. quick thinking traffic lights and self correcting power grids

make the world predictable. thrillingly predictable. about three minutes left on trading for the week. the dow up 123. this is a phenomenal week. the s&p up 4% on the week. how often that does that happen? in the week of a rough week before, gains for the week before, now 6% on the s&p. >> it makes a lot of sense. being able to take a lot of blows, ebola, been able to take a lot of blows. europe, ukraine, all yearlong. >> let's go -- where do we go from here? >> ten weeks left in the year. nine weeks left. and i think you can see getting a little bit more positive flow on europe especially europe -- >> really? >> yes. >> isn't it about buybacks and hedge fund managers? >> i think you are right.

look. this week all about massive in flows and hedge fund guys trying to play catch-up. we have a seasonally strong period. this is the week before midterm elections. week before is up 75% of the time since 1982. next week is seasonally strong week even. this is useless historical statistics. traders love this stuff. >> i imagine whether it's a truism or not, whether a -- the gop taking the senate is good for the economy or not, people will run with it as a theme, a momentum play to get behind. >> right up through the end of the year. next week, house prices, the fed statement, a two-day meeting. you have personal income and personal consumption on friday to drive the market. >> what if qe is ending? >> you just -- start selling out of the 4.3 trillion. that's fine. it can go higher as long as they don't start selling out of the portd folio. >> whether they remove the

statement saying rates stay low for a considerable period. that's important. if that's out, you get a ripple. remember, there is no press conference next week so i think that it's -- >> avoid doing something big? >> that's the statement. >> keep it nice. >> end quantitatetive easing and keep the statement. >> what section of the market is ripe to perform? >> energy is driven way down. buy some oil drilling, oil services stock. >> really? >> way down. reaching a bottom here and also japan has not kept up. so you basically, japan, europe, energy. those are things that railroad -- >> it's brutal. >> look at the companies. cabot oil today, not cutting the production numbers and the 70s, i think next quarter the earnings commentary is different. see them cut production and capital expenditures. nobody seems to be talking along those lines. it is all a little bit of happy talk. they think the prices stabilize or go up. >> that's where i am.

that's where i am, simon. you have reduction in demand. now equalize. >> okay. good to see you both. david, bob. as we end on the week. this is "closing bell" from the new york stock exchange. thank you, simon. welcome to "the closing bell" on this friday to close out theeva. dow up about 126 points going into the close. the s&p adding 13. back up to 1964. nasdaq with a gain of 30 even though amazon a laggard there today and the best week for health care. get this. up 6.5% since march 2009. the lows of the market. bring in the panel to talk about it. john is here, mark lapresti,

sarah ivan and tim seymour. welcome, one and only. john, we have a pretty nice rally. almost a stealth rally this week. >> i don't think it it was too stealth and got people's attention. last week the high volume low and $70 billion was sold at 1815. 316 million shares go through. that's a big capitulation move. since then straight up. obviously, guys, got again on the wrong side. bio teches with a new high after basically a bear market earlier in the year. the beat on that is unbelievable. health care led today, about 200 basis points and steady as she goes. bank stress test. it's a little bit better than pimco said, 18. 25, we'll take that. i think going into next week, we have the election. republicans, women of reagan going to republicans an at rate not seen ever. 63% chance to take the house by

53 in the senate so that's big. right? so we have -- >> all right. now let's digest this. the weekend first, sarah, because the stress test sunday morning. >> yeah. >> europe. >> 7:00 a.m. >> that's right. >> we'll be watching. something also interesting -- >> cnbc live is carrying it live. >> we'll tune in. for the first time in six weeks treasuries actually lost ground and yields went a little bit higher. haven't seen that in a long time. that's ahead of a gdp report next week ahead of the federal reserve meeting next week and set to end qe and we can talk about what that means but on stocks, roaring back. they certainly did. one thing stayed constant. that's 200-point moves. volatility is here downside or upside. 1% move for the s&p after so long not seeing it, that's what's happening. >> my favorite line from ralph last hour. he said october is being its

obnoxious self. >> yeah. as it is to be expected to be. the market behaved the way it should have. it shook off what i would suggest are fears of ebola being overstated. there was not the concern about the case of ebola here in new york you thought maybe would have that reaction. housing data positive. inflation data. the continuing claims of unemployment lower. people remaining jobless, the numbers in the direction it should be. recovering from last week but volatility is here to stay. >> tim seymour, to reiterate the point, houston still has a problem. inflation expectations are still pretty weak. and today, could have turned out very differently if oil broke thor 80 mark, couldn't it? >> yeah. you have divergence and we saw that the xle and oih trying to come back.

the move in the xle and oih, these are things we brought up. i think after this bounce, you should be thinking about phase fading a couple of moves. but i would point more to europe. i would point to the pmis of midweek much stronger than expected. took some of the extreme global growth concerns off the table and policy makers panic, we have the ecb saying everything they have to say this week and that was the driver. talking about corporate bonds and whether they can do that or not. we don't know. diver intelligence of draghi and berlin, we don't know. that's a big part of this week, if you think it holds, great f. you don't, be careful. >> john, why are you shaking your head about oil? it wouldn't have turned out differently if -- >> no. they were hiking about it. oil down today. finished at the highs. oil down a dollar. didn't break 80 again but i think that now the market's coming back to the realization obviously lower gas, better, oil

better. there was a recalibration in the equation of exactly what price is going to shut down the midwest of the country. people started to think that it was set -- me included, right? 70, 75. now people saying they have acre and on the books at $20 an acre and still produce gas and obviously oil at very, very low rates. so that's what happened. >> here just so everybody knows, too, to the point, aaa summarizing what's happened. basically the most common price in the country for $2.99. we have seen prices drop a cent for three weeks now. 17 states on average have prices below $3. you think consumer product giants, everything coming up roses for them. >> it is not. >> it is out not. >> a dollar in the move of gas, $2.75 a dollar from the high

nationally. that's a $1 trillion cut for the consumers, a tax credit basically. if everybody's talking about the $200 billion -- >> who cares about the midterms? >> no. everybody's talking about did $200 billion of central banks pumping in and the reason that the market is up -- >> fair point. >> it should help the consumer. good to watch the retail earnings and the outlooks and guidance and then consumer staples, a lot of big misses this week. coke, mcdonald's. today we heard from proctor & gamble in line and weakness. volume growth flat. colgate. it's macro and international. and the u.s. isn't exactly a bright spot but a lot of that has to do with consumer shifts and some of the big blue chip companies missing out on americans eating healthier and not drinking as much carbonated drinks. >> you're seeing an impact to

mcdonald's and global concerns over the growth prospects becoming a very real impact on the stock. >> 20% same store sales for chipotle. >> tim, a final word to you. when's the most important thing to watch out of this week or next week? >> next week you have the fed and people got a reprieve from commentary this week. that's the other part of this having people concerned. treasury yields, sarah talked about what happened with the bond market and did not retrace back to where -- to compensate for the move in equity prices. i think the market might be telling you more than you think. the fed is front and center next week and i think you have to pay attention to that because that's really where the volatility is coming from, the dollar, the fed and if you avoid that, we could be back to where we were two weeks ago. >> all right. thank you. much more coming up at 5:00 p.m. on "fast money." they have four trades to get you ready for next week. right now, just spoke about the bond market. let's continue the discussion. joining us is jeff rosenberg.

jeff, welcome. >> thank you. >> i mean, yeah. this is the volatility. talk about what was happening in the treasury market a week ago. what kind of other information is still out there that you see in the bond market about the next direction of the economy? or fed policy. >> what's important for investors watching the show is the bond market telling me something negative about my stock portfolio? is that a negative macro signal. with that huge volatility, a massive crowded trade. everybody was short the front end of the curve. you had the fed come out very dovish, very worried about global factors, worried about deflation an moving the positions against people. you have it on with leverage and margin calls. >> i understand that but not as if it didn't happen for a reason. let me try to explain it. even in a concentrated way, what it reflected was the fact that everybody was wrong about inflation and rate movements

than relative to what's playing out and seems like a pretty big deal. >> it is. most importantly, everybody was wrong about what the fed was going to tell us was important to them. what the fed is telling us is important to them is labor market. we highlighted it earlier. how good the data is with the initial claims. highlighting that. the fed focused on inflation and the strong dollar and talking about, sarah, the strong dollar, weak oil. that's good for the consumer. that's a good story and the fed isn't telling that story and surprised how dovish they were. >> that's about full employment and about inflation and their target of 2% or 2.4 on the cpi. latest number is 1.7. part of their mandate to make sure they're being consistent on both of those fronts. >> without a doubt. and the big sources of decline is clearly from the gas prices and that's headline inflation. the fed doesn't talk about it but they care more about is core inflation. you have much more stability around core inflation. so the focus on the inflation in

the fed minutes earlier this month was a bit of a surprise. the focus on the strong dollar that weakens import prices, weakens inflation, a bit of a surprise to the market and caught the market offside and saw the volatile. >> >> that's why i have not seen the dollar strengthen as it had been strongly in the last week or so? >> absolutely. the shift in the fed's rhetoric, in particularly you had stan fisher out on a speech talking about the threats to the rest of the world and why that's important. >> no, he did say that the dollar move looked appropriate. he was concerned about the weak economic growth in europe. >> that's right. but the point also highlighting is feeds back into monetary policy and viewed as dovish and anymore dovish news of the fed takes away from the strength in the dollar and that was a bit of shift of last week. >> i think the fed is obviously succeeding in their lower for longer terminology, right? the market starting to embrace

that. the factors is our yield curve tied to the european yield curve. we have no choice and with inflation the way it is. the atlanta fed came out with a study that said the labor force participati participation, the drop in that is disability and aging of the workforce which are obviously structural problems. right? that continues. the bigse ebiggest surprise is e market rallied, they're saying that the most they can hike between now and december 2015 is less than 50 basis points. >> right. a final word? >> i think you have to be careful about interpreting that. a lot of moves in the front end of the curve about the positioning and positioning unwinds that disconnect there in the bond market in the front end is unlikely to last in the face of this labor market data. a final point. the back end of the yield curve is impacted by the rest of the world and that point will help to restrain increases and the

front end is much more about fed policy and eventually the labor market dynamics drive that front end of the curve higher. >> the fed will follow the market and not thinking about hiking when the guys in the pit priced in and libor 50 basis points. >> we'll pick this back up end of the show. jeff, thank you. >> thank you. >> on some of these big, big moves we have seen later. we go now to tyler mathson unfortunately with sad news on a former cnbc colleague. tyler? >> thank you very much. it is with profound sadness to report the passing of terry keenan. 1995 to 1998, terry worked at cnbc as a reporter and anchor in a long and distinguished career. she did among other things act as producer of wall street week, learned the business under lou dobbs at cnn, spent time here and at fox news. sympathies to the family of

terry, her husband husband and her son beno. we return after this. opportunities aren't always obvious. sometimes they just drop in. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances.

welcome back. from ebola in new york city to

the shootings in canada this week, investors reacting to the news. sharon epperson joins us with insight into what's going on, sharon, on the retail level here. >> the fear trade along with when's going on with the fed has led to some major swings in the markets, concerns about ebola and the shooting in canada have contributed to selloffs while stocks found support of earnings newses. while the s&p 500 posted the best weekly gain over a year, some long-term investors have very skittish and made abrupt moves in the retirement accounts. that's an above average trading in 401(k)s this month. with the majority of participants who are trading moving out of equities and into fixed income. the highest trading dales were right after big dips in the s&p 500. on tuesday, october 14th, for example, a day after the s&p 500 was off nearly 2%, 88% of 401(k)

trades saw money flowing into fixed income. the upticks of friday and monday of the market showed more participant trading into equities and a smaller percentage. so, kelly, tells me that many participants haven't taken the steps needed to come up with a plan for a portfolio to endure scary situations and allow them to sleep at night before you appropriately rebalance your investments, reassess the goals and how much risk to tolerate to meet them and not sure how many investors are taking the opportunity to do that right now. >> that is a great point. stay right there, sharon. >> sure. >> we want to bring in rick ettleman in. is this a massive opportunity? >> yeah, sharon's right and scary. so many american investors are so dumb. all they're doing is selling low.

wait. wait, wait, wait. wait until after the market drops to get the money out of stocks. that's completely backwards! you're not supposed to sell when the market is down. buy. just crazy that people insist on getting it wrong. >> do they -- hang on a second. i don't like calling these people dumb, rick. there's evidence, look, if people sold out this week, maybe they were in the market for a couple of years. when's wrong with that? >> they will be in the market for a couple of more years and decades. saving in the 401(k) for retirement. and it doesn't matter what happens day-to-day. there's no way they're going to be able to time the market effectively, correctly, consistently between now and their retirement. it's foolhearty to try and causing them a lot of grief, stress, grif. and they're not going to achieve their goal of amassing more wealth and better off to put the money in equities, leave it there and focus on more money in equities when the markets go

down. >> sharon sni it is hard ? >> it is hard to take your emotions out of this. i mean, those in their 50s who might be saying, look, i want to retire soon and take the money out so it's safe, they have to keep in mind that if they're healthy, they will be in retirement for decades. they're going to need this money for such a long time. they need to still see that growth and having those types of knee-jerk reactions, it is very likely that that happens when people haven't thought through what the end game's going to be. >> there's no question, this is a great frustration for those of us in this industry, right? watching this happen over and over and over again. the questionive is -- >> what do you do with those calls? >> try to tell people to have patience. the guys down here can't time the market. individual retail marketers shouldn't try to time the market. my question to rick and those that advise people in this capacity, that's not core of what i do, how do we change behavior? how do we change behavior when

we have the largest component of the population now, the baby boomers, desperately need retirement income. >> on this show from td amertrade told us the retail investor is more sophisticated and seeing in the flows shows people aren't necessarily behaving as stupidly as in the past. >> what. we have to recognize is education is the key. people need a plan. it's not about going with your gut or your instinct. because most of us are wrong on those instincts coming the market. as we just saw earlier from black rock, everybody got the recent fed call wrong. how can ordinary consumers expect to do it correctly? we need a plan. how much money to obtain? how much time to attain it? and by working backwards, doing simple math, we can figure out how your money should be invested and -- >> sarah is shaking her head here. >> rick, it just strikes me that hedge fund are crushed.

we hear about that all the time. haven't the retail investors been the winners in 2014? the dow is flat this year and fixed income has been the booming asset that nobody on the street predicted it would be in terms of price appreciation. >> great point. >> waiting for a reation of retail of bonds to stocks and never happened and look who looks smart. >> if they were in bonds. >> they are. >> and the answer because the retail investor is doing something that a lot of folks don't consider and that's diversify. instead of deciding to be in stocks or bonds, retail investors are in both. what about real estate and gold and precious metals and oil and gas and energy and foreign currencies and securities? they're diversified the portfolios across all the asset dla classes and getting better long term results and it's a wonderful combination. >> i'll quote citi on this saying for now the cult of equities and bonds can exist

side by side. we'll see if the conditions last. you have to hold that thought. rick, thank you with our sharon epperson. >> sure. >> really appreciate it. again, maybe people thinking twice this weekend before they make a fay jor move. the fear could intensify in the wake of the new york doctor craig spencer diagnosed with ebola last night. we'll talk to a director of the national center for disaster preparedness and special adviser to new york mayor and first go one on one with chris ailman. they still hold over a million shares of amazon. find out why when we come right back. when change is in the air you see things in a whole new way. it's in this spirit that ing u.s. is becoming a new kind of company.

one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement. so if you get a trade idea about, say, organic food stocks, schwab can help. with a trading specialist just a tap away. what's on your mind, lisa? i'd like to talk about a trade idea. let's hear it. [ male announcer ] see how schwab can help light a way forward. so you can make your move, wherever you are. and start working on your next big idea. ♪ and start working on your next big idea. (vo)solver of the slice.pro. teacher of the un-teachable. you lower handicaps... and raise hopes. and you...rent from national.

because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. (pro) nice drive. (vo) well played, business pro. well played. go national. go like a pro. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern. takeand . . . exhale. . . . . aflac! and a gentle wavelike motion... ahhh- ahhhhhh. liberate your spine... ahhh-ahhhhhh......aflac!

and reach, toes blossoming... not that great at yoga. yeah, but when i slipped a disk he paid my claim in just four days. ahh! four days? yep. see why speed matters at aflac.com. [sfx] duck snoring welcome back. wild market swings impacting investors. how's the nation's second largest public pension fund holding up? in a cnbc exclusive, we are joined by chris ailman. great to see you. >> great to see you, kelly. >> first of all, what kind of major moves are you guys making in light of all this volatility? >> well, that's just it. we're not trying to make major moves. we are rebalancing the portfolio. we came into the fall with 3% position in cash. we're looking for this as opportunities to put that to work. >> are you putting it to work in

amazon which does not seem to be performing well today. why do you stand by the investment? >> well, we're not a speculator. we are not a trader. we are a long-term investor and own the entire market and amazon is just part of the russell 3000 index. we are going to take a 30-year perspective on amazon and so while this quarter is disappointing, i'm not worried about the long-term opportunities. >> 30-year perspective, gives them room. understood. listen. talking about different areas of investing, going back to the diversification, as you know, calprs is ending the program in hedge funds. will you be next? >> no. we won't. they made the decision based on the portfolio at the time. we started to invest a little bit into hedge fund in the last three years so we have had a different experience and different returns. >> why do you invest in hedge funds? >> for us, it really is small

allocation to just one style so within the vast world of hedge funds, we are in one unique style called global macro, and it hedges our portfolio in periods of volatility. in the last two months, those have done well for us when the markets have been on a roller coaster. >> what about real estate? this country, as an investor as big as you guys are, you can make direct investments if you see it as a long-term positive. what kind of investments are you making or other kinds of assets at this juncture? >> you hit it on the key just like the last group. diversificati diversification, a 401(k) investor or a long-time retirement fund like us, we're focused on the gateway cities. new york, boston, washington, l.a. and san francisco. but i would tell you those are markets that are competitive. everybody is locking at them so we're also going to start

looking at some of the secondary office markets around the country. >> understood. because we know in new york some of those so-called cap rates are already frothier -- trying to figure out the way to describe it. than in the last go-round. are you worried about ebola here? >> i was going to say on cap rates, i met with the real estate staff yesterday and saw buildings in new york selling close to two to three of cap rates and for average investor, that means forward looking somebody's going to expect a 2% return. that's just shocking pricing. so and as far as the ebola, you know, ebola is, obviously, a medical crisis. it's a bit of a media crisis right now. we don't think long term it's an economic problem for the united states. we're confident they're going to manage it. while it gets lots of headlines, it is not going to affect the consumer. that's the focus, the growth of the economy. >> fair enough. what about the crisis if you call it at pimco? are you changing any investment

allocations to that firm? >> there are three big firms in fixed income. we did not choose pimco. we chose western management. it is amazing to watch pimco. i know ahmadinejad wemohammed w. that's what can happen to a money manager. you really have to be careful picking managers. >> finally, before we go, can you just briefly went about the safety or lack thereof in sort of an oil commodity space and fixed income as you see it? >> yeah. i think your earlier comment, the panel said that fixed income is a great place to be. it's an okay place to be. it's had a rally an i'm underweight and worked against us. but i still think fixed income is very low returns. and commodities are volatile as we would expect. it's interesting to see with oil barely holding that $80 level

what projects come offline and eventually i hope that shows up to the consumer. i think you just reported earlier that the price at the pump is down to around $3. i don't think it modifies behavior and feels like a saving to the consumer. >> keeping an eye to make sure that the producers handle it here, as well. >> thank you. >> i know we have covered a lot of ground. have a great weekend. >> you, too, kelly. the dallas nurse pronounced ebola free. meanwhile, in new york city, as we mentioned, officials are tracking the travels around town of dr. craig spencer. he was diagnosed with ebola after returning from west africa. up next, talking to a doctor that's the director of the national center for preparedness and a special adviser to new york mayor.

an unprecedented program arting busithat partners businesses with universities across the state. for better access to talent, cutting edge research, and state of the art facilities. and you pay no taxes for ten years. from biotech in brooklyn, to next gen energy in binghamton, to manufacturing in buffalo... startup-ny has new businesses popping up across the state. see how startup-ny can help your business grow at startup.ny.gov twhat do i do?. you need to catch the 4:10 huh? the equipment tracking system will get you to the loading dock. ♪

there should be a truck leaving now. i got it. now jump off the bridge. what? in 3...2...1... are you kidding me? go. right on time. right now, over 20,000 trains are running reliably. we call that predictable. thrillingly predictable.

it looked like a scene out of a movie but it was quite real. late yesterday new york city dr. craig spencer recently in west africa treating ebola patients was confirmed to have the virus. he is at bellevue hospital. before that, the subway, at a

bowling alley and of course the dallas hospital workers, one on a plane and another on a cruise ship. joining us now to discuss how prepared new york and the nation is to control ebola is director of the national center for disaster preparedness and special adviser to mayor bill deblasio. how unprepared is this country? >> the country generally before dr. duncan was admitted to the hospital in dallas was not well prepared at all. new york city is particularly prepared. it's been talking about this since at least back to july. and i think it's just the national picture here is very, very spotty and a lot of catching up to do and a lot of reasons for this. part of which is, you know, we have some resistance to absorbing the lessons of the experiences and applying the lessons to protocols for prepared for disasters and massive -- >> wait.

what are those? you guys -- look. you're the poster child, the center for disaster preparedness. >> yeah. >> we didn't have it. so what went wrong? >> you mean with this -- prepared forness for ebola? >> yes. >> yeah. so what happened here was there was a real shortage of legitimate appropriate protocols for handling cases like this in many parts of the country, including, obviously, dallas. but the thing about that is it's not just the hospital issues. it is also the public health departments that some part of the country has not done the thinking and preplanning that would make us feel that they're sufficiently prepared. so it's been an ongoing challenge in a time hospitals having fiscal difficulties to do what's needed to be done to be prepared. there are exceptions. new york is one. miami is another one. but by and large, we have a lot of work to do on the preparedness agenda in america. >> when we had former hhs

secretary on the show, he said, when i asked him why the cdc didn't do more to prepare everybody, he said it has to come on the local level. do you agree? does this have to be a local initiative or at this point have we learned there has to be a top down response? >> well, it's actually a complex response and the one thing that -- misconception that people are under is that somehow the cdc is responsible for or in charge of local public health activities and not the case. the local public health and state public health agencies are responsible for creating the actual preparedness protocols for their community. the problem i'm talking about is while the cdc is giving excellent guidelines and evolving and people uncertain about that, but i think it's been an appropriate evolution with the guidelines are, the problem is how does it get implemented on a local level? and particularly at a time when the funding for these programs that does come from the federal government has been cut back

dramatically over the last six, seven, eight years. >> mark? >> doctor, i'm curious for your opinion. it strikes me that given the ability for this disease to not mutate and act as a contagion as others were, did we dodge a bullet here? is this a wake-up call? i think you have said in other articles you've written, god forbid a food born illness. >> or airborne. >> strikes me that the cdc has been completely unprepared for this and while we recognize responsibility at the local level, leadership comes from washington. what are your thoughts on that? >> the only difference that i have with you is that the leadership in terms of producing the guidelines and the plans and so forth do come from washington but the implementation is local. and my main problem with washington is not at the cdc. my problem is in the congress

where -- tie congress? >> a funding issue. >> i just want to emphasize this. this is a funding issue to a very large part. >> yeah. they had 70 people in the room in texas. i think they had a lot of people working on the gentleman who had ebola down there who subsequently passed but why do 70 people need to go into that room in a -- i think it's protocol. i don't think congress -- >> let me -- >> i don't think congress said send 70 people in the room. >> no. >> and then the cruise ship. >> get your wedding dress, a cruise ship. >> that's a local issue. but the hospitals need to -- >> the protocol is put out by the cdc. >> if you let me make this last point. the cdc's now recommending regular training and retraining of hospital personnel. dealing with ebola patients. that's a big recommendation now. that cost a lot of money to do that properly. that you canning about monthly

trainings and retrainings and can't do that without hiring the staff, have the equipment and the ppe on hand. you have got to have the money to support that. >> i think every hospital should have an emergency response team for ebola. doesn't have to be an expensive prime minister. >> it is a very expensive prime minister. >> to train -- >> i'm sure you know a third of u.s. hospitals are -- >> every nurse, probably very expensive. but centered and directed treatment towards these people, then i don't think it's that expensive. >> look. i think the bottom line is that the public is more than a little disappointed with the government's response here. >> exactly. >> after 2001, all of the pundits said the next attack is either going to be a dirty bomb or something of a nature like this, of a disease, a contagion. >> and the aifian flu, of course, right? >> doctor, let me ask you this, too, here. the u.s. coming out with a guidelines about these self quarantine of people in west africa. >> right. >> up to a 21-day incubation

period. should they self quarantine anybody had that exposure? >> yeah. there's no such thing as self quarantine. you self monitor checking the temperature or quarantine. i think when we say the word quarantine, we need a legal, enforceab enforceable, you have to stay in the house and cannot leave. that's what we mean by quarantine. self monitoring is where we need to boost up the protocols and that. quarantine, it is serious and can't violate that. >> is that what we should be enforcing for a 21-day period on the workers? >> anyone working -- >> depend on the exposure. if they have been in the countries -- >> doctors without borders? >> honor system doesn't work. right? >> my aunt nana in williamsburg and terrified and her birthday and didn't want do go out of the house. >> all i'm saying is that -- we'll let you, doctor, with apologies, you can tell people as though there has been a complete mishandling of this

ebola case which fortunately has not been that serious in this country. but reminds me of how vulnerable we are and lack of total response to a situation as it's unfolding. >> yeah. well, let me leave you with one point. we are never going to end the ebola situation. in the united states of america or europe until controlling it at the source in western africa. if we impose for every worker that goes down to one of those three countries and volunteers and puts their lives at risk, additional 21 days of mandatory quarantine, we are most definitely cutting back people going there to actually cure the disease which means -- >> right. understood. >> it's not a simple answer. there's a lot of work to be done, still, of course, new york i think is the gold standard of no pro to protocols. >> thank you. jeremy siegel saying dow

18,000 is a 50% chance of happening. in fact, he said it on cnbc. that story lighting up the website. the hot list when we come right back. there's a lot more to come. more than 140 s&p 500 companies report their results next week and includes twitter, starbucks, pfizer, visa, dominic chu walks us through the big names. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medicines, and ask if your heart is healthy enough for sex. do not take cialis if you take nitrates for chest pain, as it may cause an unsafe drop in blood pressure. do not drink alcohol in excess. side effects may include headache, upset stomach, delayed backache or muscle ache. to avoid long term injury, get medical help right away

for an erection lasting more than four hours. if you have any sudden decrease or loss in hearing or vision, or any allergic reactions like rash, hives, swelling of the lips, tongue or throat, or difficulty breathing or swallowing, stop taking cialis and get medical help right away. ask your doctor about cialis for daily use and a free 30-tablet trial.

♪ there's confidence... then there's trusting your vehicle maintenance to ford service confidence. our expertise, technology, and high quality parts means your peace of mind. it's no wonder last year we sold over three million tires. and during the big tire event, get up to $140 in mail-in rebates on four select tires. ♪ welcome back. we begin here with breaking news

speaking of ebola with meg terre terrell. hey, meg. >> reporter: getting word out of a news conference with the governors of new york and new jersey. they say that they have quarantined the health care worker returned from one of the three affected countries in west africa, treating patients there. governor cuomo saying this is not the time to take chances. it's a dense region and they believe it's appropriate to increase the current screening procedures of people coming from affected countries. he says they consider it's a state of new york and new jersey's legal rights to control access to the borders and establishing an interview and screening process to determine an individual's risk level. and depending on the risk level, a person could require quarantine and they have quarantined a health care worker returning from one of the three countries affected by ebola. kelly? >> thank you. stay with us. with us kindly again is dr.

redlener. doctor, what's your reaction to the news, both of the quarantine in newark and possible quarantines held out for other people returning to this country? >> right. i know no details about this new case in newark but i'm assuming it's a person some kind of symptoms or a fever or something other than having just been in the country. so, i don't know whether we know any of that detail yet but that's germane to assess what needs to happen next. if this is somebody who actually is having fever and has been in contact with ebola patients and especially the bodily fluids or people deceased from ebola, that's something to pay attention to and make sure that this actual quarantine of this person not just voluntary monitoring. self monitoring. >> why does somebody have to be symptomatic to warrant additional screening. doesn't have a fever and doesn't

look like he's about to die, must be okay. >> isn't it true, doctor, that you can only spread it once you're showing symptoms? >> this is the reality. so what we know is that prior to having symptoms, even if you've contracted a virus at a very small level, which you can't detect by a blood test, you are not contagious. that's the theory behind why we have these kinds of protocols. and i think it works. there is no real evidence that anyone has ever transmitted the ebola virus before they've actually had symptoms, even if they end up developing symptoms days or weeks later. >> i'm just asking, doesn't it warrant, coming from an infected area, working with ebola patients, does that not warrant additional screening? >> they are. >> yeah. >> i don't know if he has ebola, the gentleman being quarantined. i think he might have been high risk. >> doctor, do you think it reignites the claims this people, we should close the flights coming from the african

countries? today talking about ebola in new york, mali is in this scare. do you think there's any merit the those saying we should not allow the flights in? >> the fact of additional countries makes it more untenable to close the boards and becomes, you know -- we cannot do that without very severe consequences and the biggest, kelly, as we mentioned before is if we disincentivize and health care workers going there, we pay a severe price. >> and this could potentially get worse. hold that thought, doctor, if you just would. meg? >> reporter: yes, kelly. just headlines coming out. learning that all medical workers of ebola affected countries in new york airports will be quarantined according to new york health official reuters is reporting now. all medical workers of ebola affected countries in the new york airports automatically

quaranti quarantined. doesn't sound like as we were discussing that it's only people showing symptoms. automatic quarantine for health care workers returning from the ebola affected countries. kelly? >> doctor, when somebody is quarantined, what kind of quaflts do you expect they're quarantined in and support exists for them and how long are they going to be kept there? >> one of the things of new york city doing about people who are officially quarantined is making sure they were in a safe place and making sure that every single one of the people or family that is are quarantined have a lot of support, including a personal case manager who will make sure that they're getting their needs met while in the quarantine situation and help the enforcement of the quarantines for people the know they have food, things decontaminated that need to be. that they're going to get help with the kids in terms of schooling, schooling and homework assignments and so

forth, so a full service case manager to assist in the quarantine process is something that new york is going to institute. is instituting and i think that's going to really help with the enforcement here and won't have here. we won't have people that are actually under mandatory quaushtine just wandering out of the place and going to get a pizza. >> going on the subway. >> dr., thank you for sticking around and we're trying to understand some of the headlines we're getting this hour. adviser to mare bill de blasio as well. we'll take a quick break. when we come back, try to get to some of the news happening next weekend. we're just talking about the earnings front. ♪

the all new, head turning cadillac ats coupe. it's irresistible. ♪ ameriprise asked people a simple question: in retirement, will you have enough money to live life on your terms? i sure hope so. with healthcare costs, who knows. umm... everyone has retirement questions. so ameriprise created the exclusive confident retirement approach. now you and your ameripise advisor.... can get the real answers you need. start building your confident retirement today. it's in this spirit that ingu u.s. is becoming a new kind of company.

one that helps you think differently about what's ahead, and what's possible when you get things organized. ing u.s. is now voya. changing the way you think of retirement. but parallel parking isn't one you do a lof them.ings great. you're either too far from the curb. or too close to other cars... it's just a matter of time until you rip some guy's bumper off. so, here are your choices: take the bus. or get liberty mutual insurance. for drivers with accident forgiveness, liberty mutual won't raise your rates due to your first accident. see car insurance in a whole new light. call liberty mutual insurance.

welcome back. yesterday was one of the busiest earnings days of the season. dominic chu is leading the way? >> i'm trying to march along right now. it's a friday. i'm glad it's a friday. let's take a look to next week and see what's happening. behind me is a calendar for some of the big earnings reports. there are a lot of them next week. start on monday here. you got twitter, big one here.

also amgen, facebook, visa, kraft. all of these are coming -- or rather some of them coming after the bell. the big ones after the bell you're going to want to watch for facebook of course there one of the big ones on the tech side of things. on wednesday among the big names reporting will be visa, also garmin and kraft on the food side of things. interesting mix for consumer products on starbucks to mastercard, samsung and western union on the payment side of things. and on friday we'll finish off with sony and, of course, abbvie now that it called off its merger with shire, we'll hear what they say about the company's prospects. oil giant exxonmobil capping off that friday. a lot of earnings reports coming out next week. those are the after the bell ones that we'll focus on in the coming week.

>> rest up, dom, thank you so much. it has already been a jam packed week. investors will get those earnings as mentioned, we've got the fomc meeting. big day? ah, the usual. moved some new cars. hauled a bunch of steel. kept the supermarket shelves stocked. made sure everyone got their latest gadgets. what's up for the next shift? ah, nothing much. just keeping the lights on. (laugh) nice. doing the big things that move an economy. see you tomorrow, mac. see you tomorrow, sam. just another day at norfolk southern.

sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. once there was a girl who even in her laundry room. with downy unstopables for long-lasting scent. and infusions for softness. she created her own mix, match, magic. downy, wash in the wow. shyou see this right? it's 80% confidence and 64% knee brace. that's more... shh... i know that's more than 100%. but that's what winners give. now bicycle kick your old 401(k) into an ira. i know, i know. listen, just get td ameritrade's rollover consultants

on the horn. they'll guide you through the whole process. it's simple. even she could do it. whatever, janet. for all the confidence you need. td ameritrade. you got this.

what are watching most closely here? >> i think last week we were watching, obviously, caterpillar was big. the transportation was off the charts. robert hath is another one because of how much we have in the economy and how much the economy rallied. next week visa and mastercard because we see how the consumer's doing. we also see the data on where people are swiping from. >> that's a point. >> so we start to see how gasoline, if people are going into the gas stations and convenience stores to buy extra things because the gas price has gone down. >> headlines from ebola. we saw that they can have an impact on psychology and sentiment in the markets. beyond the fed we get a look at gdp third quarter. certainly slower than the second quarter, but it's still strong and shows that the u.s. is holding up given the weakness in

europe and china. so we'll see about that. >> and the strong dollar, mark. >> the most important indicators in addition to durable goods, we have -- in addition in addition to the gdp, durable goods report coming out on tuesday all hopefully indicators of a continued recovery of positive growth in the u.s. economy. going to influence the fed in a big way. >> and the stress test. >> ukrainian election, brazilian elections. time to retirees time to put annuities into your accounts. good idea, bad idea, horrible idea? >> well intentioned but not the right idea. >> i'm concerned about fees. everybody is talking about 401(k) want to keep the fees low. i don't know how they'll put an annuity in a 401(k) product without having to really reduce the fees a lot. >> this is all about a guaranteed retirement income, the question is are they doing more harm than good. thanks to all of you for being here on a wild day. fast money is coming up in just

a few minutes with melissa lee and the gang. >> a crazy week in the markets, but get ready because another week is coming. so we're going to be trading all the big events including some big earnings names tonight. >> over to you guys. >> "fast money friday" starts right now. live from the nasdaq market site. our traders tonight or -- ceo jeff bezos is in the hot seat. some hedge funds are looking at the stock as a potential activist play. we've got the details coming up. tonight's top story, the rally that just won't quit. the new case of ebola today could not shake the markets. turning in the best week of the year. can we trust this rally? take a look at the gains. they are amazing. the qs were up, are we climbing this wall of worry here? >> i thought it would stop in 1904 on the s&p, i was obviously wrong. it's pushed